“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ That is true for your household because nobody is going to lend you an infinite amount of money. When it comes to the United States federal government, people do seem willing to lend us an infinite amount of money. … Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more. It’s the old story: If you owe the bank $50,000, you got a problem. If you owe the bank $50 million, they got a problem. And that’s a problem for the lenders. They can’t stop lending us more money.”

billamj;84556 Wrote:Sure, when you own the printing presses you always have an infinite amount of money or whatever else you need.

Not infinite but enough in this case. As long as the dollar remains the worlds reserve currency and interest payments keep being made it could go on for a every long time. The problems will start when faith in the US disappears which is unlikely in the near term, apologies to gun forum posters.

billamj;84556 Wrote:Sure, when you own the printing presses you always have an infinite amount of money or whatever else you need.

Not infinite but enough in this case. As long as the dollar remains the worlds reserve currency and interest payments keep being made it could go on for a every long time. The problems will start when faith in the US disappears which is unlikely in the near term, apologies to gun forum posters.

Everything is always fine until it isn't. I don't necessarily disagree with you that a currency collapse isn't imminent, but these things are rarely accurately predicted by mainstream economists let alone by Dave from the gun board. Are you saying that you support borrowing/printing at unsustainable levels for now?

Dave;84559 Wrote:Not infinite but enough in this case. As long as the dollar remains the worlds reserve currency and interest payments keep being made it could go on for a every long time. The problems will start when faith in the US disappears which is unlikely in the near term, apologies to gun forum posters.

Everything is always fine until it isn't. I don't necessarily disagree with you that a currency collapse isn't imminent, but these things are rarely accurately predicted by mainstream economists let alone by Dave from the gun board. Are you saying that you support borrowing/printing at unsustainable levels for now?

There is talk of making the Yuan the world's reserve currency, probably because the Chinese central committee has had a policy of buying gold bullion for the past year or so. Not sure how viable it would be but...

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billamj;84565 Wrote:There is talk of making the Yuan the world's reserve currency, probably because the Chinese central committee has had a policy of buying gold bullion for the past year or so. Not sure how viable it would be but...

Honestly don't think we will ever see that in our life times for a number of reasons, mainly that no country in Asia would ever trust China with that much power. The yuan as well as export manufacturing is also still too centrally controlled. And yes, by leaps and bounds over us.

What is interesting to me is not the gold buying but how they are spending all them dollars buying up mineral rights around the world, most notable Africa.